Steer Property Services Ltd - Period Ending 2017-04-30

Registration number: 05065930

Steer Property Services Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2017

Steer Property Services Ltd

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 9

Steer Property Services Ltd

(Registration number: 05065930)
Statement of Financial Position as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	18,990	20,974
Investment property	5	1,542,431	1,379,464
		1,561,421	1,400,438
Current assets
Debtors	6	14,438	3,285
Cash at bank and in hand		9,302	6,312
		23,740	9,597
Creditors: Amounts falling due within one year	7	(276,602)	(225,769)
Net current liabilities		(252,862)	(216,172)
Total assets less current liabilities		1,308,559	1,184,266
Creditors: Amounts falling due after more than one year	7	(1,148,208)	(1,027,355)
Provisions for liabilities		(6,909)	(9,843)
Net assets		153,442	147,068
Capital and reserves
Called up share capital		100	100
Other reserves		149,677	145,356
Profit and loss account		3,665	1,612
Shareholders Funds		153,442	147,068

The notes on pages 3 to 9 form an integral part of these financial statements.

Page 1

Steer Property Services Ltd

(Registration number: 05065930)
Statement of Financial Position as at 30 April 2017

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 20 November 2017 and signed on its behalf by:
 

.........................................

Mr M C Steer

Director

The notes on pages 3 to 9 form an integral part of these financial statements.

Page 2

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
83 Arlington Drive
Pennington
Leigh
Lancashire
WN7 3QP
United Kingdom

These financial statements were authorised for issue by the Board on 20 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
These financial statements for the year ended 30 April 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The date of transition is 1 May 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and Machinery	15% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 3

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

Page 4

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

4	Tangible assets

	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 May 2016	7,995	24,149	32,144
Additions	-	257	257
At 30 April 2017	7,995	24,406	32,401
Depreciation
At 1 May 2016	4,496	6,674	11,170
Charge for the year	1,499	742	2,241
At 30 April 2017	5,995	7,416	13,411
Carrying amount
At 30 April 2017	2,000	16,990	18,990
At 30 April 2016	3,499	17,475	20,974

5	Investment properties

	2017 £
At 1 May	1,379,464
Additions	166,380
Disposals	(3,413)
At 30 April	1,542,431

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2017 £	2016 £
Trade debtors	14,432	3,285
Other debtors	6	-
Total current trade and other debtors	14,438	3,285

Page 5

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Taxation and social security		-	3,501
Other creditors		276,602	222,268
		276,602	225,769
Due after one year
Loans and borrowings	8	1,148,208	1,027,355

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	1,148,208	1,027,355

9	Transition to FRS 102

Investment Property

FRS 102 requires fair value adjustments on investment properties to be recognised in the profit and loss account, which contrasts with old UK GAAP where changes were recognised in the statement of recognised gains and losses (STRGL) and then accounted for as movement in the revaluation reserve,

Provision

Prior to the adoption of FRS 102, Steer Property Services Limited did not make a provision for deferred tax. FRS 102 requires deferred tax to be provided on revaluations on properties.

Revaluation Reserve

FRS 102 excludes revaluation surpluses on investment properties from the revaluation reserve. They are to be included in the retained earnings or other reserves i.e. fair value reserves. This is what the reclassifications are, detailed below

Page 6

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Statement of Financial Position at 1 May 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		1,218,801	(1,199,141)	24,472	44,132
Investment property		-	1,199,141	-	1,199,141
		1,218,801	-	24,472	1,243,273
Current assets
Debtors		2,473	-	-	2,473
Cash at bank and in hand		7,260	-	-	7,260
		9,733	-	-	9,733
Creditors: Amounts falling due within one year		(201,227)	-	-	(201,227)
Net current liabilities		(191,494)	-	-	(191,494)
Total assets less current liabilities		1,027,307	-	24,472	1,051,779
Creditors: Amounts falling due after more than one year		(953,487)	-	-	(953,487)
Provisions for liabilities		-	-	(1,694)	(1,694)
Net assets		73,820	-	22,778	96,598
Capital and reserves
Called up share capital		(100)	-	-	(100)
Revaluation reserve		(77,808)	77,808	-	-
Other reserves		-	(77,808)	(22,778)	(100,586)
Profit and loss account		4,088	-	-	4,088
Total equity		(73,820)	-	(22,778)	(96,598)

Page 7

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Statement of Financial Position at 30 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		1,373,618	(1,352,645)	26,818	47,791
Investment property		-	1,352,645	-	1,352,645
		1,373,618	-	26,818	1,400,436
Current assets
Debtors		3,287	-	-	3,287
Cash at bank and in hand		6,311	-	-	6,311
		9,598	-	-	9,598
Creditors: Amounts falling due within one year		(225,769)	-	-	(225,769)
Net current liabilities		(216,171)	-	-	(216,171)
Total assets less current liabilities		1,157,447	-	26,818	1,184,265
Creditors: Amounts falling due after more than one year		(1,027,355)	-	-	(1,027,355)
Provisions for liabilities		-	-	(9,843)	(9,843)
Net assets		130,092	-	16,975	147,067
Capital and reserves
Called up share capital		(100)	-	-	(100)
Revaluation reserve		(128,380)	128,380	-	-
Other reserves		-	(128,380)	(16,975)	(145,355)
Profit and loss account		(1,612)	-	-	(1,612)
Total equity		(130,092)	-	(16,975)	(147,067)

Page 8

Steer Property Services Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Income Statement for the year ended 30 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		165,763	-	-	165,763
Administrative expenses		(74,340)	-	-	(74,340)
Operating profit		91,423	-	-	91,423
Interest payable and similar expenses		(26,978)	-	-	(26,978)
		(26,978)	-	-	(26,978)
Profit before tax		64,445	-	-	64,445
Taxation		(12,495)	-	(8,149)	(20,644)
Profit/(loss) for the financial year		51,950	-	(8,149)	43,801

Page 9